Refinancing coaches enables depot purchase
A broker approached United Trust Bank with a re-finance proposal for one of their long established clients, a coach operator.
The company offered a number of older coaches, which had little or no finance outstanding on them, as security for a loan to help with the purchase of additional premises as a second base for the expanding business.
These new premises were closer to their centre of operation for their existing contracts and this new location would drastically reduce driver’s hours and dead mileage.
Savings could also be made by ceasing to rent a more expensive existing yard being used as a second depot.
The vehicles were valued and a facility quickly agreed over a 36 month period which enabled the company to complete the purchase of the second base on schedule.